Ministry of Finance Meeting Highlights: Budget Execution Circular for FY 2024/25
The Ministry of Finance, Planning and Economic Development, in collaboration with the head of Civil Service, recently convened a meeting with all the Accounting Officers of Government at the Imperial Royale hotel in Kampala. The focus of the meeting was to discuss the implementation of the budget for the fiscal year 2024/25.
During the meeting, the Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, highlighted the impressive economic growth that Uganda has experienced. He mentioned that the economy grew by 6% in the last financial year, a significant increase from the average growth rate of 4.1% in the previous years. This growth was attributed to higher growth rates in all sectors, with the services sector growing by 6.6%, industry by 5.8%, and agriculture by 5.1%.
Ggoobi also emphasized the government’s commitment to good economic management, which has led to stable inflation rates, a strong Ugandan shilling, and increased foreign direct investment. He mentioned that Uganda is now the 4th top country in Africa attracting FDI, with exports also seeing a significant increase.
Looking ahead, Ggoobi projected that the economy is set to grow between 6% and 7% in the upcoming fiscal year, with a long-term goal of reaching double-digit growth rates. He highlighted the government’s strategy to grow the economy to USD 500 billion by 2040 and called on all stakeholders to work towards achieving this goal.
The meeting also addressed issues such as rationalizing public expenditure, ensuring transparency in payroll management, and enhancing service delivery standards. The Head of Public Service, Lucy Nakyobe, urged Accounting Officers to be vigilant in fighting corruption within their respective departments and emphasized the importance of upholding professionalism and ethical standards in the civil service.
Overall, the meeting served as a platform for government officials to discuss key economic and financial matters, as well as to strategize on how to ensure sustainable growth and development in Uganda.